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China signals economy is priority as Xi Jinping meets business leaders ahead of key party meeting
The meeting was attended by state-owned enterprise chiefs, executives from leading private firms including Anta, Transfar, Fung Group and the China unit of German company Bosch.
It was the most pro-business message delivered so far by the top Chinese leadership ahead of a key Communist Party meeting in July – the third plenum – when the country’s leaders are expected to map out new reform agendas and set the course for future growth.
The world’s second-largest economy is facing intensifying headwinds at home and abroad, despite reporting expectation-beating growth of 5.3 per cent in the first quarter.
A protracted property sector downturn, stubbornly weak internal demand, mounting local government debt, rising trade barriers and deeply ingrained structural issues threaten to jam the gears of China’s recovery and growth.
More to follow …